Reeder & Associates, PA

Updated on June 30, 2020

Contributed Services for Nonprofits

Most nonprofit organizations rely heavily on the volunteers that donate time to help carry out their missions. Some contributed services are required to be recognized in the financial statements if they meet certain criteria outlined in professional standards. A contribution should be recorded if the contributed services either (a) create or enhance nonfinancial assets, or (b) require specialized skills, are provided by entities or individuals possessing those skills, and would typically be purchased if they were not donated. Assuming the criteria are met such services are generally measured at fair value.

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